Business Daily from THE HINDU group of publications
Thursday, Jul 27, 2006
Business Daily from THE HINDU group of publications Thursday, Jul 27, 2006 |
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Markets
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Foreign Institutional Investors Money & Banking - Interest Rates Our Bureau
BACK IN ACTION: Mr Kenjiro Noda (left), President, Daiwa Securities SMBC, with Mr Ikuo Mori, MD, at a press conference held in Mumbai on Wednesday. - Paul Noronha
Mumbai , July 26 The interest rate hike by Bank of Japan has not led Japanese institutional investors to redeem by huge amounts, said Mr Kenjiro Noda, Deputy President, Daiwa Securities SMBC, a global investment bank. He was announcing the setting up of the company's representative office in Mumbai. Daiwa Securities SMBC, a joint venture between Daiwa Securities Group Inc. and Sumitomo Mitsui Financial Group Inc, has re-entered the country and will look at issuing bonds, offer advisory services and at mergers and acquisitions operations. The Mumbai office will act as a regional office and provide the necessary research to the company about the Indian scenario. "We have opened an office in Mumbai because there is very strong investment opportunity in Japan, which can meet the capital market demands in India. We will mobilise funds in the Indo-Japan corridor," Mr Noda said. The company raised around $800 million for its Daiwa Merrill Lynch fund in the Indian markets last year and looks forward to launch an India-specific fund. The company is in the process of getting license for offering registered broking service in India, but currently will focus on leveraging its product credentials in India to serve the clients.
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